Exam 1 Concept Review Set 3 Flashcards
A ________ is an organizational culture where elements from both competition and competitors is used across the whole firm to maximize performance in the market. Key terms include customer orientation, competitive orientation, and inter-functional coordination
What is Market Orientation?
Why is Market Orientation relevant?
________ is relevant because firm culture has been shown to influence performance. Having ______ has shown in research to lead to better financial performance over other cultural norms
______________ are qualities or traits that 1) make a firm unique; 2) can be used to create a unique sales proposition, which in turn leads to a sustainable competitive advantage. Together with market need, ______ can help form a ‘strategic fit’ which exists when the firm’s distinctive capabilities are leveraged to uniquely meet a markets unmet need or want
What are Distinctive Capabilities?
Why are Distinctive Capabilities relevant?
___________ are relevant because in theory, firms should take advantage of what they do in order to best serve a market. A firm should not try to be something they are not, rather they should know what they do well and exploit that ability, allowing them to gain a competitive advantage over competitors that do not have those same strengths.
_____________ is a theory of competition that forces a firm to determine what resources they have that can be used to gain a sustainable competitive advantage.
What is the Resource-Advantage Theory?
Why is the Resource-Advantage Theory relevant?
_________ is relevant because resources come from all parts of the firm and must hold to 4 criteria (rare, non-substitutable, imperfectly imitable, and have value)
_________ exist such that technological leaps happen and cause an industry to make a substantial advance to the extent that the market changes.
What are Disruptive Innovations?
Why are Disruptive Innovations relevant?
_________ are relevant because such innovations may create new market space, shake out weak competitors, and/or create entirely new product categories at the expense of the old product category being replaced.
________ is where a product no longer can be differentiated in a way the market finds meaningful.
What is commoditization?
Why is commoditization relevant?
_______ is relevant because it might pose a threat to an established firm/industry where innovation no longer has the ability to distinguish one firm’s offering from another’s.
